— High-speed diesel price to remain unchanged despite drop in international market
— Kerosene oil brought down to Rs187.73 per litre
ISLAMABAD: Finance Minister Ishaq Dar on Tuesday announced a cut in the price of petrol by Rs5 per litre.
In a video message, the finance minister said the new price of petrol will be now Rs267 per litre from previous cost of Rs272 per litre.
He added that the price of high-speed diesel would remain unchanged at Rs280 per litre.
“Kerosene oil’s current price of Rs202.73 is being reduced to Rs187.73 – a decline of 15 rupees. Light-diesel, which is at Rs196.68, is being brought down to Rs184.68 after a reduction of 12 rupees,” the finance minister said.
He said the prices would apply from Tuesday midnight.
The drop in petrol price comes as a relief to consumers, but the government’s decision to keep diesel prices unchanged is likely to disappoint the country’s oil industry, which was expecting a reduction of over Rs20 per litre as the price of diesel has gone down in the international market.
Responding to the news, PML-N Senior Vice President Maryam Nawaz said: “Thank you Dar Sahib! Good news for people.”
The government is in a race against time to implement tax measures and reach an agreement with the International Monetary Fund (IMF) as the country’s reserves have depleted to around $3 billion, which experts believe is enough for only 16 or 17 days of imports.
The agreement with the IMF on the completion of the ninth review of a $7bn loan programme would not only lead to a disbursement of $1.2bn but also unlock inflows from friendly countries.
Prime Minister Shehbaz Sharif last week had also announced a slew of austerity measures, which he claimed would save the country Rs200bn annually. Pakistan is in dire need of funds as it battles a worsening economic crisis.
from Pakistan Today https://ift.tt/6UfKilt
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